The “valuations” you are referring to are for a new IPOs in which there is NO EXISTING PUBLIC MARKET for the stock. They are private companies going public. The underwriter and their clients are coming up with the “valuation” in order to price the stock for the market THE FIRST TIME. They are guessing what the open market will pay.
When a stock is already PUBLICLY TRADED, there is already a market for it, it is already valued in the market. Follow-on or dilutive secondary offerings (which is what this is) don’t get a “valuation” they simply get priced relative to the EXISTING market in order to induce buying of the offering.
When it gets priced it will be at a discount to the market.
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